{"F": {"ts_code": "US.WDAY", "name": "Workday", "mkt": "US", "ccy": "美元", "sw1": "应用软件", "sw2": "应用软件", "sw3": "", "ind": "应用软件", "fin_source": "futu", "market": "NASDAQ", "list_date": null, "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 195.79, "pe_ttm": 39.875, "pb": 7.304, "dv_ttm": 0.0, "total_mv": 4718539.0, "trade_date": "20260904", "years": ["最近年报"], "multi_year": false, "period": "最近年报", "gm_series": [75.7], "rev_series": [95.5], "np_series": [6.9], "roe_series": [8.2], "rev_ttm": 95.5, "np_ttm": 12.5, "ocf_ttm": 30.8, "fcf_ttm": null, "fcf_yield": null, "ocf_yield": 6.5, "gm_median": 75.7, "gm_std": null, "gm_stab": null, "gm_chg_2022": null, "npm_median": 7.3, "roe_median": 8.2, "commodity": false, "hard_ratio": 8.5, "fix_assets": 15.3, "hard_note": "PP&E 毛额 × 0.5 近似净额", "goodwill_ratio": null, "pb_calc": null, "capex_dep": null, "interest_debt": null, "debt_ebitda": null, "ebitda": 14.7, "debt_ratio": 56.8, "debt_mv": null, "payout": 0.0, "div_years": 0, "rev_cagr3": null, "np_cagr3": null, "rev_yoy": 13.1, "np_yoy": 31.7, "np_vol": null, "loss_years": 0, "far_share": 87.0, "earn_yield": 2.5, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [], "ret_prev_year": null, "ret_prev2_year": null, "ret_pivot": null, "prev_year": "", "prev2_year": "", "ret_ytd": -8.8, "ret_20": 9.0, "ret_60": 42.4, "ret_120": 46.5, "ret_250": -15.5, "mdd_250": null, "vol_250": null, "pos_52w": 78.4, "eps": 2.59}, "S": {"duration": 63, "pricing": 70, "hard": 14, "bondness": 13}, "label": "轻资产现金牛", "tags": [], "text": {"像什么": ["固定资产占比 8%,毛利率最新年报 75.7%,经营现金流/市值 6.5%:现金机器,久期短。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 75.7%),硬资产占比 8%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "久期短、无杠杆,加息期相对安全;放水期跑不过科技。", "四问": [["当前 FCF 能覆盖多少市值?", "经营现金流/市值 6.5%(futu 无资本开支,FCF 按经营现金流 × 0.7 近似)。一般。"], ["能否每年提价而不掉量?", "毛利率最新年报 75.7%。能。"], ["资产重置成本随通胀涨吗?", "固定资产占总资产 8%。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 39.9 倍 粗算,约 87%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -16%,现价在 52 周高点的 78%;近 20 / 60 / 120 日 9% / 42% / 46%。", "行业对照": ["同富途行业「应用软件」229 家中位:PE 27.1 / 股息率 0.0% / 毛利率 67.2% / 固定资产占比 4% / 分红率 0%。", "Workday:PE 比行业中位高 12.8倍;股息率 与行业中位持平;毛利率 比行业中位高 8.5个百分点;固定资产占比 比行业中位高 4.9个百分点。"]}}